$62M Sent For Barely $0.5

The power of cryptos: $62M in Litecoin sent for barely $0.5

It is one of the largest transaction ever made in the so called “silver coin” network

Litecoin (LTC) has seen the processing of one of the most valuable transactions ever taking place on its network, last week. A total of 1,159,005.90779568 LTC were transferred to a new wallet that it now poses as the richest address in the blockchain created by Charlie Lee.

According to a Medium post (citing data from the Litecoin block explorer of BitInfoCharts), the transaction occurred at block height 1512468, on October 20, 2018, and it comprises several inputs of 20,000 LTC, each one of them seems to be made up of four 5,000 LTC transactions. 71,618,997 coin days (a measure of the transaction volume on Litecoin and Bitcoin) were destroyed, too.

But what it is noteworthy here is that such large movement of funds costed just 50 cents. This is a massive difference in transaction costs when cryptocurrencies are compared to traditional fiat remittance systems. Additionally, sending funds on cryptocurrencies overseas can take from a couple of hours to just seconds, whereas current banking system can take from 3-5 business days to weeks, depending on a handful of factors. This renders crypto transactions virtually free and significantly faster.

Another interesting fact on this notable transaction is that the funds were moved from those legacy addresses to a ‘Multi-Signature / SegWit M address’, apparently in an attempt to improve security over this large amount of money.

Multi-Signature wallets add an extra safety layer by introducing several new parties, each one with a private key that is needed in order to sign a transaction and validate it. Since these are ‘Script’ addresses, they start with an ‘M’ instead of an ‘L’ (similarly in Bitcoin, legacy BTC addresses began with ‘1’ while script addresses, which are Multi-Sig and SegWit, start with ‘3’).

However, the identity of the owner of this address is currently a mystery. But considering the amount of funds sent and the variety on the transaction amounts made to and from the original address, it is most likely that it belongs to a crypto exchange.

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